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Jan 15, 2013
01/13
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he doesn't care about deficits. he's not going to deal on this. >> you know, a couple of times during the news conference, i was interested in this. president obama said to congress, go ahead, give me the power and i'll issue more debt. that's really what he wants. he wants the power to issue unlimited debt so he can have unlimited spending and eventually he's going to get around to unlimited tax hikes. >> well, to be clear, as you know, when we talk about the debt, the president doesn't get to decide, you know, how much we're spending that's something that rests with congress. but in terms of what kate was saying with respect to, you know, him wanting to not really offer any cuts he's incurred the wrath of his party by offering chain cpi to social security. that's a reindexing of the cost of living index, revising down how much elderly people are getting. and he talk about potential fixes to medicare, potentially raising the age. it is not true that he's not willing to do that. i'll say there are a lot of people on
he doesn't care about deficits. he's not going to deal on this. >> you know, a couple of times during the news conference, i was interested in this. president obama said to congress, go ahead, give me the power and i'll issue more debt. that's really what he wants. he wants the power to issue unlimited debt so he can have unlimited spending and eventually he's going to get around to unlimited tax hikes. >> well, to be clear, as you know, when we talk about the debt, the president...
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Jan 23, 2013
01/13
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he said we are going to keep the deficits and raise tax rates on the rich. campaign city, here we go. i don't think this is specific. it was broad in general and appealed to a lot of universal themes. anyone watching that team will know that it wasn't ideal logical speech. it was an important speech. the is agenda was laid out in the presidential campaign. he won that. the american people voted for that. here, he was laying out the not very specific things he was going to do. but a vision for the country. he was dividing the gop. i don't think the president can take credit for the ambivalence that exists within the republican party. i mean how do you see this? >> there is no question you can't deny that obama wants to end the reagan era. but the second point is, can obama split the republican party? to some extent he did on the fiscal cliff vote. he has a lot of issues like this. immigration and gun control. to mark's point. the president went out there and tested what he believes is his vision. this first term was about being a sen trist and now he is not h
he said we are going to keep the deficits and raise tax rates on the rich. campaign city, here we go. i don't think this is specific. it was broad in general and appealed to a lot of universal themes. anyone watching that team will know that it wasn't ideal logical speech. it was an important speech. the is agenda was laid out in the presidential campaign. he won that. the american people voted for that. here, he was laying out the not very specific things he was going to do. but a vision for...
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Jan 15, 2013
01/13
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he's the cow author of controversial simpson/bowles deficit reduction plan. find out what he has to say now as we're edging closer and closer to that debt ceiling. >>> later, no way to get to work equals no job. a new study shows 3.5 million jobs will be lost if we don't start rebuilding america's infrastructure, today. we'll debate the high-stakes issue affecting all of us in the back half of the program. don't miss it. back in a moment. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announ
he's the cow author of controversial simpson/bowles deficit reduction plan. find out what he has to say now as we're edging closer and closer to that debt ceiling. >>> later, no way to get to work equals no job. a new study shows 3.5 million jobs will be lost if we don't start rebuilding america's infrastructure, today. we'll debate the high-stakes issue affecting all of us in the back half of the program. don't miss it. back in a moment. what are you doing? nothing. are you stealing...
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Jan 16, 2013
01/13
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this issue raises all the deficit issues. it should. it really is after the fact. >> the reason we're having the problem now because they don't pass a budget. >> yes. exactly. look, they're avoiding the really tough stuff, which is dealing with long term deficits which we face today. they're much worse than what we faced in the '80s and '90s. they've got to get serious about doing the hard work that has to be done on both sides of the aisle to deal with the specifics how you get this done. >> sir, do you think the u.s. has a spending problem? >> look, we've got a deficit problem. >> is that the same thing as a spending problem or is it different? >> you've got -- look, when i was in congress and when we balanced the budget in the '90s, we were taking in roughly, these figures will be a little off, roughly, we were taking in 20% of gdp and spending 20% of gdp. that seems to me to be a fair place to come out. maybe you could put it at 18, maybe you could put it at 21 or 22. but get an agreement on that, and then go to work on both sides o
this issue raises all the deficit issues. it should. it really is after the fact. >> the reason we're having the problem now because they don't pass a budget. >> yes. exactly. look, they're avoiding the really tough stuff, which is dealing with long term deficits which we face today. they're much worse than what we faced in the '80s and '90s. they've got to get serious about doing the hard work that has to be done on both sides of the aisle to deal with the specifics how you get...
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Jan 23, 2013
01/13
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she goes on to say we've taken good steps around the debts but the deficit has to be dealt with and it needs to be dealt with in a matter of months. oh golly. down goes dupont in pre-market trading. within a few minutes she tells me that all anyone is focused on is the country is doing pretty darned good especially in latin america. with that commodity in question, a stock that had been sinking now reverses and ends up flying up as it should have won the earnings were first reported. one of the best performing stocks in the dow. again, a huge move for this one. believe me, if these were just isolated examples i would be fine with them, but they are par for the course and there are so many better like this, you can see what i regard all this trading off the headlines, without people really looking, to be fraught with calamity and chances for you to lose money with almost every twist and turn. i sure liked the look of ibm and google earnings and i love the way the stock traded after the close, but until i hear the conference calls myself i am not going to pronounce them as terrific as th
she goes on to say we've taken good steps around the debts but the deficit has to be dealt with and it needs to be dealt with in a matter of months. oh golly. down goes dupont in pre-market trading. within a few minutes she tells me that all anyone is focused on is the country is doing pretty darned good especially in latin america. with that commodity in question, a stock that had been sinking now reverses and ends up flying up as it should have won the earnings were first reported. one of the...
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Jan 22, 2013
01/13
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the deficit reduction comes because they raise taxes and they cut medicare. had nothing to do with medicaid, right, and the states themselves have to deal -- i mean, we all talk about what it meant for the individual but there was another part, medicare that got stuffed down the throats of the states and they have to take -- they have to spend this money at the -- >> they don't have to do it, right. the supreme court ruled they could opt out which is what governor perry is doing and bobby jindal is doing in louisiana and what's happening in south carolina, and those are governors. if you're a governor and you're looking at this, it makes perfect sense for you to take this because it does draw in, again in, jan brewer's case, ten times the amount of federal funds, so if governors are choosing to not do this, then it is a partisan game because it makes no economic sense. for them their self-interest is to do this. >> but for a program that -- that the president has admitted, everyone is admitting spending too much money, we have potentially 30% of the health ca
the deficit reduction comes because they raise taxes and they cut medicare. had nothing to do with medicaid, right, and the states themselves have to deal -- i mean, we all talk about what it meant for the individual but there was another part, medicare that got stuffed down the throats of the states and they have to take -- they have to spend this money at the -- >> they don't have to do it, right. the supreme court ruled they could opt out which is what governor perry is doing and bobby...
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Jan 22, 2013
01/13
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account deficits. these are the things that really matter. and they're just kind of big macros. so they divide them down to a single session or a quick abrupt move. but they're the real flows in the global economy that are going to matter going forward. >> yeah, all right. i'm staying long. i'm staying long, kevin. >> well, we think last year we gave it a bite on the cheek. but that's going to be a lot harder this year, joe. and one of the things you're pointing out are extremely high gdp. and so the big thing this year is to make the switch. the customers are now the employees. the employees are the future customers. so you've got to keep the growth and accelerate the growth in employment over the 1.25/1.50 that we're doing if we're going to keep the equity market going in the direction that it has been for the past two years. >> all right, kevin ferry. thank you. >> is that a phone ringing down there, kevin? >> yeah. someone is trying to get to their broker. >> it would ring and ring and ring. >> tha
account deficits. these are the things that really matter. and they're just kind of big macros. so they divide them down to a single session or a quick abrupt move. but they're the real flows in the global economy that are going to matter going forward. >> yeah, all right. i'm staying long. i'm staying long, kevin. >> well, we think last year we gave it a bite on the cheek. but that's going to be a lot harder this year, joe. and one of the things you're pointing out are extremely...
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Jan 22, 2013
01/13
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we had a bad situation a couple years ago with the deficit recession. the hotel business suffered dramatically. over the past couple of years, we've climbed out of it and had dramatic recovery in 2010, 2011 and 2012. we think we're still in a good spot in the recovery. we have a situation where demand is strong for the hotel business and supply is low and should stay low for a couple years. our perspective is it's a good time to be in the hotel business. >> is he right? >> right now there's a three-point spread between supply and the industry. very low supply means cycles should be longer. we're moving into the 37th month of recovery. our expectation is this will be a prolonged recovery. >> somebody told me another four years. the second days of the cycle is when occupancies are high, rate growths are high and profit growth is considerable. so you're entering into a healthy phase. >> the other -- apart from buying and selling properties, the other decision you have to make is whether or not you will stand on your own, brand your own hotels, or pay hilto
we had a bad situation a couple years ago with the deficit recession. the hotel business suffered dramatically. over the past couple of years, we've climbed out of it and had dramatic recovery in 2010, 2011 and 2012. we think we're still in a good spot in the recovery. we have a situation where demand is strong for the hotel business and supply is low and should stay low for a couple years. our perspective is it's a good time to be in the hotel business. >> is he right? >> right now...
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Jan 22, 2013
01/13
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but the deficit has to be dealt with. and it needs to be dealt with in a matter of months. >> i guess the question, jim, here, is are they sort of sandbagging or preparing us for the worst? they did have to slash 2012 in october, so maybe they're preempting -- >> you come on tv, you've got to be statesman-like. you can't come in here and say, look, i think it's going to be good. she's just saying -- she's writing off europe. i think europe is stabilizing. they get a turn in asia. tio-2 was a disappointment. i think it's troughing. latin america really strong. ag really strong. i think it's actually gotten its groove back. >> in terms of the chemicals, performance chemicals were down by 15%, sales, electronics, communications also down. ag you mentioned, bright spot, up 18%. they've been talking for a long time about strong demand in latin america for seeds, which have been an add to the other agricultural names, like monsanto. >> finally you can see it. one of the things of the great ceo of ppg, he's been saying, some of
but the deficit has to be dealt with. and it needs to be dealt with in a matter of months. >> i guess the question, jim, here, is are they sort of sandbagging or preparing us for the worst? they did have to slash 2012 in october, so maybe they're preempting -- >> you come on tv, you've got to be statesman-like. you can't come in here and say, look, i think it's going to be good. she's just saying -- she's writing off europe. i think europe is stabilizing. they get a turn in asia....
SFGTV2: San Francisco Government Television
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Jan 23, 2013
01/13
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supervisor chu: we know that our budget deficit is a significant one. at the moment, blooms are around $380 million -- at the moment, it looms around $380 million. we could not meet that gap. i think the city needs to take a balanced approach, and if you take a look at previous years, we have taken a look at things like where are fee revenues, what do those look like? where are the changes in other revenue pictures, whether it is transfer tax or hotel tax or other things that help to improve the picture. in addition to that, how is it that we can really control some of our expenses? i think that in order to address the $380 million budget deficit, we really have to take a look at both sides, revenue side as well as the cost side of things, and i think there are certain things that the city can do right now that might that not impact this year's budget or -- that might not impact this year's budget for next year's budget but will have a long-term effect. i mean pension reform and some of the ways we calculate those liabilities. those will be important to
supervisor chu: we know that our budget deficit is a significant one. at the moment, blooms are around $380 million -- at the moment, it looms around $380 million. we could not meet that gap. i think the city needs to take a balanced approach, and if you take a look at previous years, we have taken a look at things like where are fee revenues, what do those look like? where are the changes in other revenue pictures, whether it is transfer tax or hotel tax or other things that help to improve...
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Jan 18, 2013
01/13
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it's been running a huge surplus which is the deficit of the other countries of europe that they cannot finance. >> correct. >> that is the essence of the european crisis. >> but in a global environment -- >> the whole question with respect to the u.s. is whether we can sustain our current account relationship with the rest of the world. and particularly with china. and that's a decision that the rest of the world will make. it's completely -- >> james, are we -- we added a new entitlement, obama care, which some, i don't know what that's going to cost. there's some groups, i guess they would call them, if they're too conservative, but trillions and trillions of dollars of additional entitlements that we've just layered over the entitlements we already have. are we at the right level now? is this the perfect level of promises we've made? or would you even go above where we are right now? >> well, i think the problem that we have is that our health care sector is bloated by this enormous private insurance system that we have. this sort of mixed bag of insurance schemes. that makes our he
it's been running a huge surplus which is the deficit of the other countries of europe that they cannot finance. >> correct. >> that is the essence of the european crisis. >> but in a global environment -- >> the whole question with respect to the u.s. is whether we can sustain our current account relationship with the rest of the world. and particularly with china. and that's a decision that the rest of the world will make. it's completely -- >> james, are we --...
SFGTV: San Francisco Government Television
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Jan 15, 2013
01/13
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four years ago we had a 500 million dollar budget deficit, that would affect services for people all over san francisco; we would have to pay more for services and have services cut; where we needed it most. i felt the first year as chair of the budget committee, i learned so much about my abilities and how to make difficult stands on issues, and how to have working relationships with people going forward. i work closely with the mayor's office and with organizations across the city. in spite of difficult choices i feel i made the right choices; i always voted with my conscience and i'm proud of that. i'm excited to see the changes happening in district 11. four years ago we were really shaken hard by the high level of violence and homicides in our district. what was great to see in district 11 were places where there was a focus of some of the violence; neighbors came together and made the neighborhood stronger, particularly around athens street, you have a beautiful community garden there, at athens and avalon that will be dedicated in a couple of weeks now. we have a new neighbor
four years ago we had a 500 million dollar budget deficit, that would affect services for people all over san francisco; we would have to pay more for services and have services cut; where we needed it most. i felt the first year as chair of the budget committee, i learned so much about my abilities and how to make difficult stands on issues, and how to have working relationships with people going forward. i work closely with the mayor's office and with organizations across the city. in spite...
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Jan 17, 2013
01/13
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i mean they are very concerned about the debt to gdp and the budget deficit, which are running at roughly 101% and 8 to 10%. we kind of look like spain looks right now. if anything we might be worse. but what i think happens is the republicans have two shots. march 1st is the sequester where they can challenge or what we think will happen they will wait until the march 27th continuing resolution and they are going to press the president for spending reductions which is absolutely necessary if we want to maintain at least two of our three aaa credit ratings. >> andy, i just find it amazing we now have a culture where it doesn't matter what you said a couple of years ago, even when you're the head guy running the country. we all know, raid or heard and today was the notable quotable in the "journal" when the president was a senator was a different guy when it comes to his interpretation of voting or not voting for the debt ceiling. but i happened in my opinion agree with you on your interpretation of the republicans and the retreat. i think that principle might be a good thing. centerpiece
i mean they are very concerned about the debt to gdp and the budget deficit, which are running at roughly 101% and 8 to 10%. we kind of look like spain looks right now. if anything we might be worse. but what i think happens is the republicans have two shots. march 1st is the sequester where they can challenge or what we think will happen they will wait until the march 27th continuing resolution and they are going to press the president for spending reductions which is absolutely necessary if...
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Jan 23, 2013
01/13
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don't you think we need -- >> we have to do something about the deficit and amount we're borrowing and the route goes through the social programs. >> the only route. knew can't solve it with these high levels. we had high levels like this before after world war i and it came to and and what's driving it now is the coast of these programs are out of hand. i'm a democrat and think these are good things to have. >> there you go. republicans don't think it's a good thing. >> no. i'm not arguing they ought to be cut back or slashed or makes the nanny state because people have access to medicare. they're so important to the structure of the country we have a moral obligation to make sure they're solid, properly funded, stable, sustainable over the long period and because they're an important part of the way people look at their lives. >> the big change is how people look at their lives a decade longer. if we address them now rather than waiting for home to blow up in our faces, these can be put in well in advance rather than waiting. you're not talking about people in these programs right no
don't you think we need -- >> we have to do something about the deficit and amount we're borrowing and the route goes through the social programs. >> the only route. knew can't solve it with these high levels. we had high levels like this before after world war i and it came to and and what's driving it now is the coast of these programs are out of hand. i'm a democrat and think these are good things to have. >> there you go. republicans don't think it's a good thing. >>...
SFGTV2: San Francisco Government Television
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Jan 21, 2013
01/13
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our budget, we have a mess, i inherited a budget deficit of $26 billion. we have cut that substantially. from the mortgage meltdown that occurred because of the bad decisions and this behavior throughout our economy, the revenue in california is up 23%. that is a big number. america, the asset values were destroyed, something like $7 trillion. a lot of that was a bubble. that was popped and resulted -- we have had to manage a difficult situation. even before the bubble popping, there was excess. because the money flows in in a regular amounts, when money is good, everybody feels good. when $14 billion came in, they thought they were king of the mountain and spend it. arnold came in to clean it up. a couple years later, he left town and $26 billion this year. this has been the nature for the last decade, kicking the can down the road. not talking straight. the way it is. the way it is, it is a tale of two cities. there is fabulous wealth and link electronics, inc. model number: pdr-885 software version: 3.0c in some places it would be food or shelter or lov
our budget, we have a mess, i inherited a budget deficit of $26 billion. we have cut that substantially. from the mortgage meltdown that occurred because of the bad decisions and this behavior throughout our economy, the revenue in california is up 23%. that is a big number. america, the asset values were destroyed, something like $7 trillion. a lot of that was a bubble. that was popped and resulted -- we have had to manage a difficult situation. even before the bubble popping, there was...
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Jan 17, 2013
01/13
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it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military health care costs for years. >> sharply rising health care costs are consuming an ever-larger share of this department. growing from 19 billion in 2001. >> military health care costs have gone up 300% in the past decade. 2012 was the first year since 1995 military personnel saw an increase in health care premiums. now, there are two things republicans love, the military and reducing the deficit. republican should be thrilled with the public option. how can you make a hundred billion dollar mistake? who's doing the math? will it save or won'
it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military health care costs...
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Jan 18, 2013
01/13
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then the risks accumulate and the federal reserve has been printing money to finance the government deficit, buying a lot of government bonds and at some point that is going to come apart and it might come apart, might come apart in a fashion that is rather like august of 2007 where things seem to be going smoothly and then all of a sudden it all falls apart and the question is do we have adequate contingency plans in place should that happen? >> right. >> i fear we do not. >> before we let you go, when these transcripts come out do they evoke any memories for you good or bad about these meetings? >> oh, well they evoke lots of memories. i haven't seen the transcripts of course. i look forward to reviewing it because that was my last full year in office. it was a wonderful experience to be there. i learned an awful lot. and certainly one of the things i reflect on is the various points that we missed that i missed and my colleagues missed. >> william poole, former st. louis fed president, thank you so much for your time. steve, thanks to you for sticking around. >> my pleasure. >> meantime
then the risks accumulate and the federal reserve has been printing money to finance the government deficit, buying a lot of government bonds and at some point that is going to come apart and it might come apart, might come apart in a fashion that is rather like august of 2007 where things seem to be going smoothly and then all of a sudden it all falls apart and the question is do we have adequate contingency plans in place should that happen? >> right. >> i fear we do not. >>...
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Jan 23, 2013
01/13
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FBC
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you see, the trade deficit. the trade deficit detracts from demand. the budget deficit adds to demand. if you're going to reduce that addition, you have to reduce that subtract sun. melissa: i don't know. seems like we've got to stop spending. scott martin, bring you into the discussion. what do the markets want to hear? >> that is the crazy thing the markets want, spend, spend, spend. if you were an alien looking down on markets and economy and look down on the markets and the debt ceiling you saw every time we extend the debt ceiling the markets pretty much went up which they have done last several times, you would say, okay, this is how we get the stock market to go up. that is crazy thing. melissa: why, why? why does that happen? is it that people trading in the market can't see we will ever have to pay this bill down the road? why does the market rally when this happens? >> i think it is twofold. one of the things that happens, melissa, it absolutely destroys the dollar. if you're an s&p company trying to sell your goods overseas it actually help
you see, the trade deficit. the trade deficit detracts from demand. the budget deficit adds to demand. if you're going to reduce that addition, you have to reduce that subtract sun. melissa: i don't know. seems like we've got to stop spending. scott martin, bring you into the discussion. what do the markets want to hear? >> that is the crazy thing the markets want, spend, spend, spend. if you were an alien looking down on markets and economy and look down on the markets and the debt...
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Jan 20, 2013
01/13
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he believes the deficit is a problem and deficit reduction is a priority. when you look at the approval rate of americans on handling of the economy, it's split half and half with support for the president and 49% versus 48% disapproving. there's a little room to do a big thing. this president is a deficit hawk. >> i'm afraid ezra is right in describing what we are going to be obsessed with. there are a lot of big things left. we had inequality rising in the country for three decades. poverty going up because of the recession. it's a big problem in the country. we had the flight of manufacturing jobs until recently. there's a bit of a turn around there. it seems to me president obama's biggest priority should not be the deficit. it should be restoring shared economic growth. yes, we need to do something about the long term deficit. i think the big argument is going to be between people who want to argue that the whole deal is deficit reduction. let's spend all our time putting on our green eye shades and talking these numbers. ezra will be excellent in desc
he believes the deficit is a problem and deficit reduction is a priority. when you look at the approval rate of americans on handling of the economy, it's split half and half with support for the president and 49% versus 48% disapproving. there's a little room to do a big thing. this president is a deficit hawk. >> i'm afraid ezra is right in describing what we are going to be obsessed with. there are a lot of big things left. we had inequality rising in the country for three decades....
SFGTV2: San Francisco Government Television
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Jan 23, 2013
01/13
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i have be asked to testify whether or not psycho paths have affective deficits. absolutely they do. there has been hundreds of years of psychiatric research shows that they do. you have this two prong thing. on the one hand more dangerous if you release them and don't treat them. on the other hand, they're affectively different. there was a very nice article in the "new york times" magazine on mother's day about children who have these emerging traits and how we would develop and understand and treat them. it's a small percentage. my goal is to develop better treatment so they can keep them off that trajectory towards life course persistent problems. >> are you saying that people that have the brain structure that you have identified will always be lacking in volitional control or impulse receive to the extent that they are criminals? do we have a subset of people that are criminals because of their brains? >> i should really differentiate psychopathy from criminality. there are a lot of reasons why individuals engage in different criminal activity. it's a very small percentage of p
i have be asked to testify whether or not psycho paths have affective deficits. absolutely they do. there has been hundreds of years of psychiatric research shows that they do. you have this two prong thing. on the one hand more dangerous if you release them and don't treat them. on the other hand, they're affectively different. there was a very nice article in the "new york times" magazine on mother's day about children who have these emerging traits and how we would develop and...
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Jan 16, 2013
01/13
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KRCB
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is the deficit gone completely at this point? >> the budget is fixed. i inherited a $27 billion deficit. that's what it was two years ago. that's gone. this budget will be balanced. nois i safe from y contingency? no, the world is changing and turbulent. is it going to get worse? then we'll get less money. number two, the federal government often blocks budget reduction that we make in the social services. sometimes we win. sometimes we lose. number 3 we're going to be part of the health care act, president obama's health care plan by expanding our medi-cal program to low-income families. he is promising 100% of the co cost. now, wh if, because of the cliff negotiations and the debt, maybe they'll renege on that. >> reporter: you're being kind of careful here. >> what i'm saying is that people need to understand that a budget is like a piggy bank. the money is in there. no, the money comes in every sniesm day and the spending goes out every day. we are in a position for the first time in 15 years where we can say this year's budget will be balanced and
is the deficit gone completely at this point? >> the budget is fixed. i inherited a $27 billion deficit. that's what it was two years ago. that's gone. this budget will be balanced. nois i safe from y contingency? no, the world is changing and turbulent. is it going to get worse? then we'll get less money. number two, the federal government often blocks budget reduction that we make in the social services. sometimes we win. sometimes we lose. number 3 we're going to be part of the health...
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Jan 23, 2013
01/13
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when we're spending our time here talking about the deficit stuff and raising the deficit we are simply saying to the world, for the first time america is not going pay its debts. my question to you, mr. johnson is this, if this was such a good idea, why haven't we done it before? we could have saved a lot of money by not paying our debts. why did we suddenly decide this the s the time to do it? give me the understanding so the american people can understand after all of these years under the first world war i voted under president bush, both of them to raise the debt limit. but now we're going to stop paying. please tell me why they're doing this? >> congressman, it's not a good idea and it was not the way policy was run. go back to 1789, after the restructuring of debt which alexander hamilton began fiscal government in this country. it took a long time to convince the world that the u.s. was the safest place to put your reserve assets or your rainy day money. it was a great achievement but now it is being thrown away for what i presume some negotiating purposes which makes no sense.
when we're spending our time here talking about the deficit stuff and raising the deficit we are simply saying to the world, for the first time america is not going pay its debts. my question to you, mr. johnson is this, if this was such a good idea, why haven't we done it before? we could have saved a lot of money by not paying our debts. why did we suddenly decide this the s the time to do it? give me the understanding so the american people can understand after all of these years under the...
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Jan 23, 2013
01/13
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we need a -- $ trillion deficit. we need a -- $1 trillion deficit. we need a serious plan to address the deficit, however, the senate has gone nearly four years without passing an annual budget. taking a year by year approach and addressing only discretionary spending will not solve our long-term spending problem. we must take a comprehensive long-term approach to the federal budget, a comprehensive approach to spending must address the long-term solvency issues on entitlements such as medicare, medicaid and social security. without reform, spending will remain on an unsustainable path while the medicare and social security trust funds are emptied before the majority of americans currently are paying in even qualified to become beneficiaries of those programs. today's legislation will allow us to work with the senate in achieving this long-term deficit solution we know would meet the needs of americans. thank you. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from michigan. mr. levin: i yield one minute to the
we need a -- $ trillion deficit. we need a -- $1 trillion deficit. we need a serious plan to address the deficit, however, the senate has gone nearly four years without passing an annual budget. taking a year by year approach and addressing only discretionary spending will not solve our long-term spending problem. we must take a comprehensive long-term approach to the federal budget, a comprehensive approach to spending must address the long-term solvency issues on entitlements such as...
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Jan 19, 2013
01/13
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it doesn't create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating, shane, i know how we can improve our credit rating. we will pay your credit card bills. that is not the best way to improve your credit rating. all of these issues are important, but it is very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its bills. >> and number of people have expressed concern about how much of the chill news were addressed in the deal. it went part way, but it leaves a number of issues still on the table and negotiations are looming. would you characterize that as an additional cliff that is facing us? or is it not as concerned as it was when you raised that term initially? >> as i said, the fiscal kloof, if allowed -- the fiscal clef, if allowed to take place, would probably create a recession this year. a good part of that has been addressed. but nevertheless, we have a set of a r
it doesn't create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating, shane, i know how we can improve our credit rating. we will pay your credit card bills. that is not the best way to improve your credit rating. all of these issues are important, but it is very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its...
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Jan 18, 2013
01/13
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.$8 million deficit this city is running. when they filed for bankruptcy they had wanted to $50,000 in the citibank account. john: the politician said we did not see it coming. they owed 46 million with panetta thousand of the bank? >> they're required to put 1.8 million dollars per month into koppers. john: they tried to raise money through fees like expensive parking tickets. >> i paid $500. >> but he was going 90 in the school's own. john: with that does not cover the pension obligations. >> not sandy know, vallejo, a compton, a stockton or any of their city. they are failing. john: i hear there is more civil society? volunteers working in the animal shelter, park maintenance, a neighborhood watch is starting to blossom? >> bay plant their city back. they take it themselves. so the private solution is always better. john: that is where you go when the government spends of the many. next we take this problem and see what it does to the whole state. it is not pretty. you know how to mix business... with business. and you...r
.$8 million deficit this city is running. when they filed for bankruptcy they had wanted to $50,000 in the citibank account. john: the politician said we did not see it coming. they owed 46 million with panetta thousand of the bank? >> they're required to put 1.8 million dollars per month into koppers. john: they tried to raise money through fees like expensive parking tickets. >> i paid $500. >> but he was going 90 in the school's own. john: with that does not cover the...
SFGTV: San Francisco Government Television
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Jan 15, 2013
01/13
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first came to office, the class of 2008, a supervisor avalos pointed out, we had half 1 billion dollars deficit; that is a quarter of the size today. what the pension reform, america's cup, construction cranes along the city, we passed -- when our founding fathers set up our democratic system of government they envision that the legislative branch would not be neat and tidy. it is messy. we balance the community's interest as we meet the challenges today. we still have a lot of work to do. this morning i was almost late to supervisor breed's swearing-in. my bike lights got stolen, then the muny bus was late, and i had trouble catching a cab. together we have much to do. i have literally dozens of friends who have moved from the city after they found a lifelong partner, had a baby, and decided they could not afford to live in the city. together we have to do better at reversing families like and making sure that everyone who wants to gets to live in san francisco. we still have too many young people who are not graduating from high school; too many young people who did not have jobs; too many yo
first came to office, the class of 2008, a supervisor avalos pointed out, we had half 1 billion dollars deficit; that is a quarter of the size today. what the pension reform, america's cup, construction cranes along the city, we passed -- when our founding fathers set up our democratic system of government they envision that the legislative branch would not be neat and tidy. it is messy. we balance the community's interest as we meet the challenges today. we still have a lot of work to do. this...
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Jan 23, 2013
01/13
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you need to get the debt and deficit under control. >> well, the president put one on the table last time and the house republicans, but harry reid has essentially stopped unless everyone puts one on the table there can't be discussion and reconciliation. why does senator harry reid hold back on the at the least putting something in play? maybe won't get everything he wants. >> budgets are tough and you have to make decisions and doesn't want to put his members through it. the last couple of years the president's budget came to the floor of the senate and the house and did know the receive a single republican vote or democratic vote. >> at least he tried, he put something in place. >> exactly. >> and it was never going to work. he's required to do so under law and he did, but it was a political document. it wasn't one that democrats could support. >> isn't the senate required to do one as well? >> under the rules, they should. but this is an action forcing event and that's good. >> when is the president's budget due? >> it's been announced it's going to be delayed until half february
you need to get the debt and deficit under control. >> well, the president put one on the table last time and the house republicans, but harry reid has essentially stopped unless everyone puts one on the table there can't be discussion and reconciliation. why does senator harry reid hold back on the at the least putting something in play? maybe won't get everything he wants. >> budgets are tough and you have to make decisions and doesn't want to put his members through it. the last...
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Jan 15, 2013
01/13
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the problem is we deficit spend about 3 to 4 billion dollars a day. we collect, we spend about 10 billion a day and that means that we deficit. we have to borrow 3 to 4 billion dollars a day. we spend more than 700 million dollars a day in interest on a national debt. there are lots of things to do. the president has lots of discretion to curb back that spending to make sure that social security payments are paid, interest is paid we don't default on our debt. >> greta: you know, when he voted as a u.s. senator against the debt ceiling, he talked in essence how irresponsible it was to raise the debt ceiling. what in the world happened between then and now? why does somebody responsible for something raise the debt ceiling that wasn't before? what's the difference? >> i think that the president was terribly irresponsible, to say he's not talking about it because he's above it to blame congress, in part congress creates this problem, but we're going to solve this problem. i got elected to uphold the constitution and leave this country better than how we
the problem is we deficit spend about 3 to 4 billion dollars a day. we collect, we spend about 10 billion a day and that means that we deficit. we have to borrow 3 to 4 billion dollars a day. we spend more than 700 million dollars a day in interest on a national debt. there are lots of things to do. the president has lots of discretion to curb back that spending to make sure that social security payments are paid, interest is paid we don't default on our debt. >> greta: you know, when he...
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Jan 17, 2013
01/13
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is for the two sides to get together to come up with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn't really solve the problem. it is a waste of time. adam: let me interrupt you because we have had this debt ceiling essentially part of our discussion for almost 100 years, going back to 1917 with the issue of liberty bonds. now today we talk about the debt ceiling and we talk about its impact, this debate for the people who are watching, and, getting to this craziness we see the market reacting in a way you can't anticipate. what would happen to our 401(k) if congress he said they have to get together, i was thinking two words, "good luck." whether they can't do something? >> if they don't raise the debt ceiling and let's say we get debt downgrades, the market has a fit basically and drops as they did in 2011, all our investments will get hit. the stock market will go down as it did in a big way in the summer of 2011. on the other hand, if they extend the limits, the debt ceiling limit and do something more, maybe not a grand compromise, somet
is for the two sides to get together to come up with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn't really solve the problem. it is a waste of time. adam: let me interrupt you because we have had this debt ceiling essentially part of our discussion for almost 100 years, going back to 1917 with the issue of liberty bonds. now today we talk about the debt ceiling and we talk about its impact, this debate for the people who are watching, and, getting to...
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Jan 15, 2013
01/13
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the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and then we can move on, because america has a lot to do. we have to create more jobs, boost the wages of those that have worked and reached for energy independence, reformed immigration system. we have to give our children the best education possible and do everything we can to protect them from the horrors of gun violence. i am grateful to vice president biden for his work on this issue of gun violence and for his proposals, which i will review later today and address in the next few days and intend to vigorous
the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and...
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Jan 17, 2013
01/13
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impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer retirement than had occurred in 1995. this is a very serious issue. currently the social security retirement is a pay-as-you-go system that provides more annual benefits than the payroll tax collectors. if left alone, this eventually will lead to insolvency particularly with the rapidly increasing number of baby boomers retire in every day as was referred to by maya and louis. there isn't time today nor do i have the proven expertise to suggest specific solutions it's important that the contras and the administration analyze acceptable me
impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer...
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Jan 15, 2013
01/13
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we don't have that kind of capability in the federal government to add the deficit. so you have to open the door to private investment to do this job of rebuilding the power platform in the united states. >> host: and the technology aspect of that is? >> guest: technology aspect is manifold. and price performance improves every 18-24 mocks. in the last year we have gotten into the innovation cycle in batteries so by the end of 2020 electric vehicles will actually be price competitive with grass-driven cars. the problem with these things is that we can't wait. we can't wait because of the environmental effects and we can't wait because we need the economy to grow quickly right now. so the book lays out a whole bunch of different ideas for bringing private investment much more quickly into the job of rebuilding the power grid. >> host: on this show, a series on the international power plant, and he doesn't necessarily agree that the internet is completely green or is terribly green. what is your thought? >> guest: he is right about that. people say that data centers in
we don't have that kind of capability in the federal government to add the deficit. so you have to open the door to private investment to do this job of rebuilding the power platform in the united states. >> host: and the technology aspect of that is? >> guest: technology aspect is manifold. and price performance improves every 18-24 mocks. in the last year we have gotten into the innovation cycle in batteries so by the end of 2020 electric vehicles will actually be price...
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Jan 22, 2013
01/13
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they say they want to reduce the deficit, but they enlarge it. so my point is, you know, what's really going on here? you know, i think president obama has just kind of had enough and said rather than trying to figure out how to do a deal with these folks who keep moving the goal post, i'm just going to say what i'm about. i'm going to declare what my values are and they can come to the table and represent their own point of view and we'll find a way, hopefully, to get to a point where we can agree and go forward even if we hate the deal, even if we don't like it, at least we can maybe move forward so americans can at least be able to plan for their future. you know, mr. speaker, i think that presidential inauguration speeches are important. they do lay out an important path, and i was reviewing, mr. speaker, the inaugural speeches of president abraham lincoln. i am a huge fan of abraham lincoln. i wouldn't call myself an expert or scholar of lincoln. i am an amateur reard of everything about lynn -- reeder of everything about lincoln. -- reader
they say they want to reduce the deficit, but they enlarge it. so my point is, you know, what's really going on here? you know, i think president obama has just kind of had enough and said rather than trying to figure out how to do a deal with these folks who keep moving the goal post, i'm just going to say what i'm about. i'm going to declare what my values are and they can come to the table and represent their own point of view and we'll find a way, hopefully, to get to a point where we can...